In his new column, MarketWatch's Chuck Jaffe reminds investors that money funds are not the ideal refuge from inflation. When the Fed was cutting interest rates in recent weeks, investors poured in billions into money funds. Money-fund rates are dropping in reaction to the Fed's moves, and industry observers suggest that the average money fund will yield about 2.5 percent by the time the current adjustments are complete. Inflation, on the other hand, stands at 4.1 percent, as measured by the CPI in 2007.  

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